Capital Gains Tax - Finance Assignment Help

Assignment Task

PART A

James, an Irish domiciled and Irish resident individual, recently put in an offer to buy an Irish residential property, which is likely to be accepted, for €1,100,000. The current owner is neither Irish domiciled nor Irish resident.

REQUIRED

Advise James on any capital gains tax administration issues relevant to this purchase of which he needs to be aware of. 

PART B

In September 2020, Gavin sold his home in Galway to his sister, Fiona for €250,000. The market value of the house at the date of disposal was €320,000. Gavin acquired the house by way of inheritance from his uncle in September 1991 when the market value was €118,000. He lived in the house until September 2011, at which time he was transferred to the Dublin office by his employer. Gavin moved back into the house for two months during the summer in 2020 while on an extended holiday from work.

REQUIREMENT :

Write to Gavin explaining:

(i) The Principal Private Residence relief and the criteria for the relief to apply;

(ii) His capital gains tax liability in respect of the disposal of his home in Galway.

(iii) When the capital gains tax has to be paid and when he has to file his 2020 Capital Gains Tax Return.

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